In the first quarter of 2019, the non-return to motherhood increased by 50 in ten years.

95% of the companies released the 2019 first quarter report: the company realized revenue in January-March 2019.

8.5 billion (+20 compared to the same period last year).

87%); net profit attributable to mother 2.

3 billion (+210 compared to the same period last year).

85%); net profit after deduction to mother 1.

1.3 billion (+50 compared to the same period last year).

95%); gross margin is 25.

86% (YOY + 1pct), the initial increase in gross profit margin is a higher degree of prosperity in the downstream and the initial improvement in management effectiveness.

The acquisition of GE’s small industrial motors formed a multinational layout. EV motors entered overseas luxury brand supply chain companies. In 2018, GE’s small industrial motors business was partially consolidated. After 2019, it will be 100% consolidated. The company is expected to borrow the SIM window toThe company’s products are sold to the American market under the GE brand, improving the company’s sales capabilities in the North American market.

The company successfully achieved production layout across Asia, Europe and the Americas, becoming the first multinational company in the industry with China as its headquarters.

The company’s high-voltage motor business benefits from the rapid growth of capital expenditures in the oil and gas industry. Oil and gas, coal, coal chemical, metallurgy, mining and other industries have witnessed significant recovery, especially due to rising oil prices and the rapid growth of capital expenditures in the oil and gas industry.It is 436.1 billion yuan, an annual increase of 19%.

According to the calculation of the 13th Five-Year Plan for Oil and Natural Gas, China’s oil and gas equivalent output will reach 2.9 billion barrels in 苏州夜网论坛 2020. The investment of three barrels of oil and gas extraction will require 421.9 billion yuan. From 2018 to 2020, the compound growth rate of oil and gas investment will reach 20%.Investment in the chemical industry is expected to increase.

We expect domestic oil and gas extraction in 2019-2020, the demand for refining and chemical end will be in the boom period, and gradually shift to equipment manufacturing enterprises, which is expected to boost the performance of high-voltage motor manufacturers.

The company’s high-voltage motor orders are sufficient, and the business climate remains the same.

The company will have an employee shareholding plan for the large drive division in 2019, and the required return on net assets in 2020 will be from 6.

0%, 7.

0% increased to 7 respectively.

0%, 8.

0%, showing the company’s development confidence.

The downstream industry that maintains the “recommended” level has noticeably recovered. High-voltage motors have ushered in a booming cycle. Seizing the trend of electrification, EV motors have entered the supply chain of mainstream overseas car companies. The acquisition of SIM has strengthened the leader of low-voltage motors.

Affected by the continued prosperity of the downstream industry, we expect the company’s net profit for 2019-2021 to be 8 respectively.

50, 10.

07 and 11.

710,000 yuan.

The current contradictions correspond to 15, 13 and 11 times in 2019-2021.

Maintain the “Recommended” level.

Risk Warning: Unfavorable changes in the macro economy and the integration of overseas subsidiaries are less than expected.

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